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Everything you need to know about starting a property management company

1. PROPERTY MANAGEMENT SALES TERMINOLOGY YOU MUST KNOW

Successfully selling your property management services involves finding prospects, identifying the common problems that plague property managers, and offering your services at competitive prices. But in order to effectively market and advertise your services, you should be familiar with pertinent property management sales terminology. Failure to know these important terms will leave you lost and confused, which is never good for your marketing strategy. Learn more here.

2. HOW LEAD QUALITY PLAYS INTO YOUR SALES PROCESS

Most businesses rely on leads to generate their sales, and property management is no different. Leads are customers who contact you through various channels for more information. They start at the top of your sales funnel, working through the sales process until they become a paying customer. Leads can come from a variety of sources. They might contact you through your social media channels, call you directly, or fill out a form on your website. It’s easy to assume that the more leads you have, the more sales you’ll generate. To some extent, that’s true. But what really matters is the quality of the leads you are getting. Not all leads are equal and learning to discern which leads are more likely to convert into sales will help you boost your bottom line in a big way. Here is everything you want to know about quality leads.

3. ALL ABOUT PROPERTY MANAGEMENT LEAD QUALIFICATION

If you are looking to start your own property management business and purchase a business license, you should be familiar with lead qualification and how it will help your marketing strategy. A lead is someone that could potentially become a client. They’re more likely to rent one of your apartments or even buy your entire property. They’ve expressed interest in your property. This lead can be acquired through a variety of methods: brochures, billboards, ads, email newsletters, etc. Lead qualification involves filtering through these opportunities to find the best ones that will eventually end in a sale. Learn more about lead qualification here.

4. STEPS TO EFFECTIVELY WORK LEADS THROUGH YOUR SALES FUNNEL

When your job relies on turning leads into sales, the process of actually working those individuals through your sales funnel can feel overwhelming. Your success in the industry is entirely reliant on how much time and effort you put into crafting lead generation and management techniques– it’s understandable that the process can seem intimidating to some. Heres more on the sales funnel.

5. CONNECTING WITH YOUR CONTACTS: HOW MUCH IS TOO MUCH?

When you create sales emails, one of the questions you have to ask yourself is, “How many of these do I need?” How often should you be contacting your prospects? It’s important to stay at the front of their minds—and equally important not to irritate or inconvenience them with too much communication. Here are a few guidelines to help you find the sweet spot.

6. FINDING THE RIGHT PROPERTY MANAGEMENT CUSTOMERS FOR YOU

The world is full of potential customers, and to have a successful business, you want all of them, right? Not exactly. There are good customers and bad customers, and every business will distinguish them differently: a “bad” customer for your business may be perfect for someone else’s—and vice versa. Having a successful business isn’t about having all the property management customers, it’s about having the right property management customers for you. Learn more about the right customers here.

7. LESS IS MORE: TIPS TO IMPROVE SALES EMAIL RESPONSE RATES

Email is a key element in your sales process. You probably touch base with prospects via email numerous times before you close a sale—or lose the sale. Of course, one of the primary challenges of using email or any other form of communication is getting a response. Your prospects are busy, indecisive, or maybe even just avoiding you. Learn more tips here.

In many cases, a positioning statement is viewed as an internal tool that a business uses in order to ensure their marketing efforts are aligned with their brand. Those who work one-on-one with clients sometimes leverage their positioning statements when they work with leads, as well. Here you can find more about positioning statements.

9. THE FLOW THAT YOU SHOULD USE FOR A TYPICAL PROPERTY MANAGEMENT SALES CALL

Being on the receiving end of a bad sales call isn’t a complete waste of time—it usually helps you decide not to purchase. Of course, as the person making the sales call, that’s the last thing you want. This is why it’s essential to learn how to run a sales call so that every contact you make stands the best possible chance of resulting in a new client. The prospect may decide to go in another direction, but don’t let it be because you can’t make an effective sales call. Here is how you nail that call.

10. WHAT TO DO WHEN YOU ENCOUNTER THE BAD FIT PROPERTY MANAGEMENT PROSPECT?

You will undoubtedly find yourself in conversation with a potential prospect, who just isn’t going to be a good fit client for you. Maybe you get an email response indicating the timing isn’t right, or there’s a transition to a new business venture. Keep the conversation open and don’t rule those prospects out altogether. Sound confusing? Here is exactly what to do.

11. HOW TO SET CLIENT EXPECTATIONS AND MAKE THEM HAPPY!

Most of the best sales professionals will say the key to closing sales and creating happy clients lies in properly setting the delivery expectations prior to closing the deal. While that is definitely important, it’s not enough to sell your prospects on what they can expect to enjoy when partnering with you. To truly make customers happy and embrace your role as a property management service, you’ll want to be thorough on all aspects of what your clients will experience in working with you.